TIme to set the wheels in motion....

[nw138413]

Last two days have been rough. My father and I have been trying to work out an arrangement to sell the assets of our business (some of which have a lien against them) and keep the doors open. After the sale was complete, we are going to file for bankruptcy.

Today the bank refused to release the lien on the assets for the sale price we had agreed to, and have now forced us to close for good a week from Saturday.

Now we will set the wheels in mothion with our attorney and see what happens.

Very disappointed in the bank (even told them we were considering filing for bankruptcy) and they wouldn't blink. They would have got more out of the equipment we have on the deal than they will net from a liquidation sale.

Now 16 people are going to be without jobs.

Lot of stress coming in the next week.

[frogger]

Typical of some of the bank. It's tough when you're letting 16 people go...

Good luck.

[nerves]

I feel for you. We are going through something similar. I am thinking your alternative to a rash closure would be to start the bk process if that is what your intent is. You may be able to buy some time with the automatic stay. We could have stayed open and operated until after our 341 hearing and the bank wouldn't have been able to do anything about it or the assets. Our bank really doesn't seem to care what they get for the assets since the loan is backed by the SBA. They are being a pain in the a** though. I can't stand our banker and I think the feeling is mutual on the other end. The woman has absolutely no business sense and she is finally getting the hint that I am a couple steps ahead of her. I wish the best for you.

[nw138413]

I feel for you. We are going through something similar. I am thinking your alternative to a rash closure would be to start the bk process if that is what your intent is. You may be able to buy some time with the automatic stay. We could have stayed open and operated until after our 341 hearing and the bank wouldn't have been able to do anything about it or the assets. Our bank really doesn't seem to care what they get for the assets since the loan is backed by the SBA. They are being a pain in the a** though. I can't stand our banker and I think the feeling is mutual on the other end. The woman has absolutely no business sense and she is finally getting the hint that I am a couple steps ahead of her. I wish the best for you.

If there were enough business there to pay the other necessary bills (payroll, food suppliers, utilities, etc) it would have been something we considered. However, business has been really bad lately, and signs of improvement just aren't there.

On top of that dragging it out longer would just be more emotionally draining than it already has been. I've not only invested my money but my heart and soul into pursuing this dream. I'm out of gas so to speak. Trying to move on is now the next step.